- HomeLane raises US$4.5 million in Series A from Sequoia and Aarin Capital
- Startup provides an online marketplace for fixed furniture
- Funds will be used to expand to 10 new cities across India
- HomeLane aims to onboard 10,000 interior designers over the next six months
HomeLane, a Bangalore-based online marketplace for fixed furniture, has secured US$4.5 million in its Series A funding, led by Sequoia Capital. Aarin Capital, a VC firm floated by former Infosys CFO Mohandas Pai and Ranjan Pai (not related), also participated in the round.
HomeLane will use the investments to expand to 10 new cities across India.
HomeLane was set up in mid 2014 by Srikanth Iyer (CEO) and Rama Harinath (Chief Sales and Marketing Officer). The startup later roped in Prabhu Venkatesh (Chief Operating Officer), Vivek Parashuram (Chief Design Officer) and Srini Battula (Chief Technology Officer) to its team.
The firm sells furniture items such as wardrobes, TV cabinets, kitchen units and other home set-up solutions. Besides working directly with end-customers, HomeLane also partners with builders to provide fully fitted ready-to-move-in flats. The portal also enables customers to personalise furniture designs
HomeLane is looking to onboard 10,000 interior designers from around the country over the next six months.
G V Ravi Shankar, Managing Director, Sequoia India said, “HomeLane is disrupting the unorganised and inefficient home setup market with its technology-led design, manufacturing and installation services that guarantee timely and cost effective delivery for the consumer.”
“Technological advancements in terms of visualisation, tracking and design have been enormous in the last few years. HomeLane will give the latest visualisation and designing capabilities to our customers,” said Batulla.
HomeLane was earlier known as Bello Interiors, an offline design firm. The company was later acquired by entrepreneur couple K Ganesh and Meena (Founders of the education-cum-consumer internet services firm TutorVista Global, which was later sold to UK-based Pearson Plc in a US$213 million deal), and pivoted to an online marketplace for designs.
“There are huge opportunities ahead for marketplaces focussed on niche, highly, domain-specific verticals. When we initially looked at this business, we were convinced that home setup via an asset-light, marketplace model was a big opportunity. HomeLane’s performance so far and this investment from marquee names further illustrates the massive potential for this business,” said Ganesh.
The home set-up market in India is estimated to be growing at 20 per cent CAGR and is already a US$10 billion per annum industry in the top 10 Indian cities alone.
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